Three Concepts Compelling Retailers to Transform
In modern times, retailers are facing competition from both physical stores and online shopping. In this digital era, retailers have to re-think their established business model and stretch the boundaries. To do so, the transformation into digital businesses and adopting new technologies is substantial.
Established players and small retailers are facing competition from startups. The other threat is from e-commerce which brought in a wave of competitors who are innovating to provide the best customer experience. In this digital era, customer preference has shifted to the use of new technologies. Three key areas will affect retailers in the next five years.
Internet of Me
Internet of Me (IoM) has taken Internet of Things (IoT) to the next level. IoM refers to connecting the human mind and body to the online world. This converts our biological and cognitive life into streams of data which can be monitored, shared and shaped. IoM will affect the retail industry, and they have to adopt this technology to stay relevant. Retailers have to adopt personalization strategies for both products and delivery channels. This tech gives customized solutions to customers such as music recommendations to family photos imprinted on marshmallows. In simple words, retailers have to be different and innovative.
Data is vital for every business and retail is no exception. Connecting smart appliances, wearables, and other IoT devices to collect data is essential for businesses to understand how customers are using their products and services. These constant sources of metrics provide vital information on what customers want. Retail power players are using touch screen kiosks to allow customers to move freely and easily in between stores. Other retailers and tech giants are adopting this technology to provide personalized offers.
Retailers must transform their products and services into industry platforms. Retailers must strive to be platform providers and reinforce both core and digital platforms to participate in a larger ecosystem. Achieving this is a humongous task and retailers must pull together all the available digital and physical resources such as the supply chain network, big data analytics on products and customer trends, cross-industry affiliations with other companies to succeed. Retailers can open doors to new opportunities if they embrace new digital trends and work in sync with other companies.
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